Prices found support after President Trump’s comments but remained near recent lows
Gas and power
Price action on Wednesday was mixed, with early losses in gas gradually erased as contracts settled close to Tuesday’s levels. Sentiment was supported after President Trump warned he was prepared to resume military action against Iran if it did not “behave”, helping to keep some geopolitical risk premium in the market. On the fundamentals, LDZ demand remained relatively subdued despite rising temperatures, although the market is cautious to any impact the heatwave could have on French nuclear generation.
Adjacent markets
The US dollar strengthened on Wednesday following the Federal Reserve’s decision to hold interest rates steady. Oil prices edged marginally lower after four consecutive sessions of significant losses, as ongoing conflict in Lebanon introduced renewed uncertainty over the durability of the Middle East peace agreement ahead of the anticipated signing of the Memorandum of Understanding on Friday.
Closing prices
| NBP (p/therm) | UK Base (£/MWh) | |||
| Close | Day on Day | Close | Day on Day | |
| Jul-26 | 99.3 | -0.5 | 93.2 | 0.5 |
| Aug-26 | 99.9 | -0.5 | 90.1 | -0.6 |
| Sep-26 | 101.7 | -0.6 | 93.1 | -0.6 |
| Q3-26 | 100.3 | -0.5 | 92.0 | -0.2 |
| Q4-26 | 106.0 | -0.4 | 97.0 | -0.9 |
| Q1-27 | 104.8 | -0.1 | 95.0 | -0.5 |
| Win-26 | 105.4 | -0.3 | 95.9 | -0.7 |
| Sum-27 | 80.1 | -0.6 | 76.3 | -0.1 |
| Win-27 | 82.5 | 0.1 | 78.8 | -0.1 |
| Sum-28 | 63.7 | 0.5 | 61.3 | 0.5 |
| Win-28 | 72.2 | 0.7 | 69.7 | 0.1 |